The Metal Forging Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Metal Forging Global Market Report 2024, The metal forging market size has grown strongly in recent years. It will grow from $94.74 billion in 2023 to $101.93 billion in 2024 at a compound annual growth rate (CAGR) of 7.6%. The growth in the historic period can be attributed to automotive industry expansion, aerospace sector growth, oil and gas exploration, defense and military applications, railway and transportation systems, globalization of supply chains.
The metal forging market size is expected to see strong growth in the next few years. It will grow to $132.06 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%. The growth in the forecast period can be attributed to increased adoption of lightweight materials, rise in electric vehicle production, infrastructure investments in emerging markets, expansion of wind and solar energy sectors, global efforts for carbon neutrality. Major trends in the forecast period include closed-die forging technology, integration of industry 4.0 technologies, sustainable forging practices, collaborations for research and development, customization for defense and defense aerospace.
The rise in the construction industry is expected to propel the growth of the metal forging market going forward. Construction refers to building, modifying, repairing, remodeling, enhancing, or destroying a public infrastructure facility, including any public structure, public building, or other public improvements of any type to real estate. The construction industry relies heavily on forged metal products such as steel beams, columns, and other structural components essential for building strong and durable structures that can withstand the elements and meet safety standards. For instance, in March 2022, according to Metal Construction News, a US-based news magazine of the metal construction industry, metal building construction increased by 12.9% in 2021, with metal roofing seeing a 9.3% increase, metal wall panels seeing a 2.5% increase, and light-gauge steel framing up 9.5% for exteriors and 3% for interiors. Therefore, the rise in the construction industry is driving the growth of metal forging.
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The metal forging market covered in this report is segmented –
1) By Type: Closed-Die Forging, Open-Die Forging, Ring Rolling
2) By Raw Material: Carbon Steel, Alloy Steel, Aluminum, Magnesium, Stainless Steel, Titanium, Other Raw Materials
3) By End-User: Automotive, Defense And Aerospace, Shipbuilding, Power Industry, Oil And Gas, Other End User
Automation in forging systems is a key trend gaining popularity in the metal forging market. Major market players are concentrating their efforts on creating innovative products through automated processing equipment such as induction forging, computer-controlled forging equipment, automatic control, and remote control of free forging hammers to sustain their position in the market. For instance, in January 2023, Strojmetal, a Czech Republic-based manufacturer of aluminum chassis parts and applications in the powertrain and battery housing sectors, installed a fully automated aluminum forging line. The new line is equipped with a range of state-of-the-art technologies, including a fully automated loading and unloading system, robots for part handling and transfer, and an advanced control system that allows for real-time monitoring and optimization of the forging process. The line is also designed to be highly flexible, with the ability to produce a wide range of different parts and handle different aluminum alloys.
The metal forging market report table of contents includes:
1. Executive Summary
2. Metal Forging Market Characteristics
3. Metal Forging Market Trends And Strategies
4. Metal Forging Market – Macro Economic Scenario
5. Global Metal Forging Market Size and Growth
….
31. Global Metal Forging Market Competitive Benchmarking
32. Global Metal Forging Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Metal Forging Market
34. Metal Forging Market Future Outlook and Potential Analysis
35. Appendix
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